Dubai bourse outperforms Gulf Arab region

The Dubai Financial Market (DFM), the local stock market of the sheikhdom of Dubai, has recovered from the MSCI verdict shock from last week. MSCI, a leading global index provider, decided last Wednesday to postpone the upgrade of UAE and Qatar for another six months, which triggered heavy losses at the exchange. The DFM General Index gained for the second day straight Monday, closing 0.14 percent higher at 1,374.20 points. Market bellwether Emaar Properties, the largest real estate developer, plummeted 2. 29 percent, closing at 2.56 Dirham (0.69 U.S. dollars). Earlier in the day, Emaar announced it has agreed on a new financing facility valued at 3.6 billion Dirham (about one billion dollars) with the Dubai Islamic Bank, the National Bank of Abu Dhabi and Standard Chartered Bank as book runners and lead arrangers. At Dubai's international market NASDAQ Dubai, the lead gauge FTSE NASDAQ Dubai UAE 20 Index ended down 1.52 percent at 1395.04 points. The local jewelry trader Damas International bucked the trend and closed 13.33 percent higher at a new high for this year at 0.17 dollars. In Abu Dhabi, the ADX General Index fell 0.79 percent to 2,393. 28 points, mostly due to losses in the real estate sector. The Riyadh-based Tadawul market in Saudi Arabia gained 0.13 percent, reaching 6,275.92 points. Shares of Saudi Arabia Refineries Company, known as Sarco, surged 9.90 percent to reach 83.25 Saudi riyal (22.5 dollars). The Kuwaiti stock market KSE declined 0.34 percent as fickle oil prices weigh on the northern Gulf state, which feeds 95 percent of its federal budget with revenues from oil exports. Kuwait's largest lender the National Bank of Kuwait lost 1.75 percent, finishing at 1.120 Kuwaiti dinar (3.96 dollars).